Common use of Payment Blockage Clause in Contracts

Payment Blockage. If an Event of Default occurs and is continuing under the Indenture and the Notes, then no cash interest payments on account of the Loan shall be made during the period commencing on the earliest date the Trustee, HomeFed, the JCE or the NCE receives notice of, or otherwise becomes aware of, such Event of Default. Payments required under the Conditional Visa Denial Acceleration Obligation, the Provisional Refund Guaranty Agreement and HomeFed Expense Advancements may continue during such Event of Default.